NCUA Announces New Grant Opportunity for Low-income CUs

NCUA announced that the agency is offering grants of up to $25,000 as part of a new pilot mentoring program for small low-income credit unions that are designated as minority depository institutions (MDI).

According to a release, the new program will distribute three to five targeted technical assistance grants to qualifying credit unions to establish mentoring programs with larger low-income, MDI credit unions that can provide guidance in serving low-income and underserved populations.

"Minority depository institutions play a crucial role in delivering financial services to people and communities who have been overlooked," said NCUA Board Chairman Rodney Hood. "This pilot project is an extension of the efforts the NCUA makes through its Minority Depository Institution Preservation Program to provide technical assistance, training, and mentoring opportunities to help these credit unions help their members."

Grant applications will be accepted from August 18 through September 28. Interested credit unions can apply through the agency’s CyberGrants portal. Staff from the NCUA’s Office of Credit Union Resources and Expansion will be available to answer questions about the pilot program through September 25. Credit unions should submit questions to staff by email to CUREAPPS@ncua.gov.

NCUA’s Community Development Revolving Loan Fund is providing funding for the pilot program.